iBASEt Reports Record Revenue, Profitability and Backlog for Fiscal 2022, Driven by Surge in New and Expanded Licensing

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Jul 19, 2022, 04:00 ET

Record license revenue increase of 57% year-over-year
Innovations on display at Farnborough International Airshow (Stand 4315, Hall 4)

LAKE FOREST, Calif. and FARNBOROUGH, United Kingdom, July 19, 2022 /PRNewswire/ -- iBASEt, the company that helps its customers simplify how complex products are built and maintained, today announced the completion of a successful fiscal 2022, as validated by another year of record revenue, profitability, and backlog. iBASEt continues to invest in product innovation with significant updates to its flagship Solumina iSeries, the industry's first microservices-based, cloud-native Manufacturing platform, which is disrupting the way customers are managing through a period of unprecedented manufacturing and sustainment volatility.

Company innovations will be on display at the Farnborough International Airshow (Stand 4315, Hall 4), July 18 through July 22, which features leading innovators from the aerospace, aviation and defense industries.

The company continues to execute on its growth strategy, delivering on its aggressive goal to drive repeatable revenue, supported by new strategic partnerships and acceleration of customer time-to-value through fast deployment of Software-as-a-Service value-added use cases. iBASEt also expanded its leadership team with key strategic hires and the creation of a formal Advisory Board to support growing demand, continuous innovation and revenue growth.

"I am very proud of the solid execution by our team in achieving strong growth over the prior fiscal year," said Naveen Poonian, CEO at iBASEt. "We continue to prioritize investment in product innovation to support the business transformation of our customers' entire value chain from supplier quality management to direct manufacturing while capturing maintenance repair and overhaul services."

"Our strategy continues to drive profitable growth for the business while also achieving stellar customer and industry recognition for our product and world-class team," added Poonian. "We look forward to further growth in the next fiscal year by remaining focused on where it matters most; being customer centric and laser focused on leading the industry in solving the most complex manufacturing and sustainment challenges."

Product Innovation
Solumina iSeries underwent several product updates during the past year culminating with its most recent version i070, delivering a more comprehensive user experience and enhanced quality interface. This year, iSeries also became available on both the AWS Marketplace and Microsoft Azure Marketplace.

In addition, the company launched a Model-based Enterprise (MBE) offering designed to accelerates a manufacturer's Industry 4.0 journey, as well as its self-service Knowledge-Centered Services program to help customers quickly resolve support inquiries.

Following strategic product and company investments, iBASEt was recognized by Gartner as a Leader in the 2022 Magic Quadrant for Manufacturing Execution Systems for its "completeness of vision" and "ability to execute."

Partner Engagement
iBASEt established several new partner agreements during the past fiscal year to leverage channel relationships and strategic partners in driving overall growth and expanded global reach. This includes a global partnership with ATS Global, which is supporting delivery of iBASEt's visionary solutions across manufacturing, quality, and MRO operations, as well as a partnership with Cyient, which helps iBASEt offer faster software solutions implementation, while expanding its complex discrete manufacturing industry markets and geographies.

iBASEt also partnered with Purdue University, on a joint initiative to implement iBASEt's Solumina iSeries at the university's Indiana Manufacturing Competitiveness Center (IN-MaC) in West Lafayette, IN to usher in the next generation of manufacturing operations innovation.

Resources:
View a complimentary copy of the 2022 Gartner Magic Quadrant for Manufacturing Execution Systems at https://info.ibaset.com/gartner-magic-quadrant-for-mes-2022-1.

About iBASEt
iBASEt is a software company that simplifies how complex products are built and maintained. Founded in Southern California in 1986, iBASEt solutions ensure digital continuity across manufacturing, quality, and maintenance, repair, and overhaul (MRO) operations on a global scale. The iSeries, powered by Solumina, is a cloud-native platform that establishes a digital ecosystem to drive innovation and improve operational performance. With offices in the U.S., UK, France, and India, iBASEt customers include Lockheed Martin, Northrop Grumman, Rolls Royce, Pratt & Whitney, and Textron. Learn more at iBASEt.com.

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SOURCE iBASEt